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H.R. 402: DEBT Act

119th Congress · introduced 2025-01-14 · Economics and Public Finance · Latest: Referred to the House Committee on Ways and Means.

federal

What does this mean?

Official title

DEBT Act

Plain summary

Debt Explanation Before Taxwriters Act or the DEBT Act This bill requires the Secretary of the Treasury to appear before the House Ways and Means Committee and the Senate Finance Committee before the federal debt limit is reached or extraordinary measures are taken to prevent the United States from defaulting on its obligations. The term extraordinary measures generally refers to a series of actions that the Department of the Treasury may implement to allow the United States to borrow additional funds without exceeding the debt limit. The measures generally include suspensions or delays of debt sales and suspensions or redemptions of investments in certain government funds. The bill requires the Secretary of the Treasury to appear before the committees to provide a detailed explanation of (1) the extraordinary measures that Treasury will take and the administrative costs of taking the measures, and (2) any reversal of such measures and any other changes in the funding of federal government obligations.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

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What does this mean? (plain words)

Official text

DEBT Act

Source: Congressional Research Service summary (Introduced in House)

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Officials and money

Sponsor: Rep. Schweikert, David [R-AZ-1] · 0 cosponsors

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Words on this page, explained (1)
Bill
A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong119-hr402 · catalog fed-us-congress-bills-cong119 · updated 2026-11-03 by psicol fed-bills